Browse All Tribes or choose a Tribe below:
By signing up I agree to Property Tribes Terms and Conditions
Already a PT member? Log In
Sign Up With Facebook, Twitter, or Google
By signing up, I agree to Property Tribes Terms and Conditions
Already a PT member? Log In
Don't have an account? Sign Up
To reset your password just enter the email address you registered with and we'll send you a link to access a new password.
Has anybody here looked into installing cryptocurrency mining rigs as an alternative/aswell as physical tenants to increase passive income?
Have a look at these discussions:Bitcoin BubbleNew trend: Bitcoin coming to property sector
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Are you talking about installing mining rigs in a property that is rented out to tenants?
I guess the heat generated might help reduce their heating bills.
Both properties with tenants and/or properties that are empty.Yes, the heating element is a bonus, but also just another source of passive income from the available space. Also avoids the issues you get with physical tenancy.
Perhaps someone with an HMO room that does not meet minimum standards could rent out a room for this purpose? How much space is needed?As for electricity bills ... I think they would increase.BITCoin Mining Electricity Abuse - Vigilance
Yes, their are electricity costs to take into account when running the machines but the passive income far outweighs those costs.
The HMO room makes sense definitely.
I know people that have kitted out full empty properties with multiple rigs and don't require tenants.
What an interesting thought!However, I wouldn't know the first thing of how to do that. So are there people who run these rigs who are looking for properties to use for this purpose?If so, how would a landlord connect with them?
From my limited knowledge of crypto mining - I thought the price of electricity here in the UK meant that it wasn't profitable. Ben, is this right?
I know Bitcoin has bounced back recently but I've been led to believe it isn't really worth mining here in the UK. Also you're not actually generating "income" until you actually sell the crypto - unless you buy stuff with it, but it still isn't mainstream enough. I guess it would be more of a long term investment.
Not true at all. Not as profitable as it has been (likely to come back again at some point) but it is still profitable with the correct machine. People using our rigs are generating £200 - £250 minimum per month still (after electricity) and at its best upwards of £2k per month and more, from one rig.
Then why isn't everyone doing it lol.
Why? Because what we are talking about here is a currency where anyone can 'print money' - a digital currency, i.e Bitcoin. The more who print money the more it is worth less as the more off it there is around. Add to that is the demand for the currency, most people still pay in pounds & pence. Paying in Bitcoin does little for them and is often not an option. So we have a situation of supply of Bitcoin outstripping demand and that does not spell good news for those that have forked out the expense of all the machinery to produce Bitcoin.
Now we all know (I hope) what happened in Weimar Germany when too much currency was printed. That's right it became worthless virtually overnight. The same could become true of our digital currency here Bitcoin. It's problems like this why many think its just a bubble. New fad, old problems.
I'm not even going to ask how much the machinery would cost to have it whirring away in a room!
Yeh cool. I get its not for you but this post makes no sense. Bitcoin is capped. As are all the crypto coins you can mine. Therefore it is nothing like when Germany printed money. The cap of all the cryptocurrencies is known and is therefore already factored into value.